In our Compliance jobs roles, section you can find all the newest financial compliance jobs and legal finance jobs
Many people from that section ask us basic FAQs, like for example “What is compliance in banking?”
The compliance department within a brokerage firm, bank or financial institution aims to ensure compliance with all applicable laws, which are in the USA the US Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) rules and in the UK the FCA Financial Conduct Authority rules and regulations.
Bank compliance officers oversee the accounting, investment and lending operations at financial institutions to make sure that they are in compliance with federal, state and local laws. They monitor new developments in financial regulation and keep all bank personnel appraised of recent updates.
Most reporting for banks, building societies and designated investment firms (who are all covered by the Capital Requirements Directive) is made by the FCA through the Prudential Regulation Authority (PRA), the prudential regulator for these firms.
You can read more on the PRA’s supervision pages here, how to report forms and links to guidance and check the PRA Rulebook here.
Each year within 6 months of your firm’s accounting reference date you should send them:
- a list of all overseas regulators for each legal entity in your firm’s group
- an organisation chart showing the authorised entities in your firm’s group
You should send us your reports on Gabriel – your firm will receive a schedule saying which reports are due when – if you have queries you should ask your usual supervisory contact or contact us. Gabriel is the FCA’s online system for collecting and storing regulatory data from firms, which can be used to:
- submit regulatory data – see submission methods
- view a tailored schedule of your reporting requirements
- view all your submissions in one place
- print data items
Gabriel’s Online training package can be easily accessed here, in the updated version, which now includes new topics, like:
- how to register for access to Gabriel
- performing system administrative functions
- the submission of Product Sales Data
- Access the Gabriel online training (link is external).